Smart Lock Market Strong Industry Growth, Demand, Emerging Trends and Forecast 2027

Posted July 15, 2022 by avinashgogawale14

The Smart Lock Market is anticipated to grow at a CAGR of 12.9% between 2022 and 2027, from an estimated value of USD 2.1 billion in 2022 to USD 3.9 billion by 2027.
The Smart Lock Market is anticipated to grow at a CAGR of 12.9% between 2022 and 2027, from an estimated value of USD 2.1 billion in 2022 to USD 3.9 billion by 2027. The main growth tactics used by market players are product launches, acquisitions, partnerships, collaborations, strategic alliances, and expansions. By making their products available in all the key locations, they have been able to effectively meet the increasing demand for routers from end-user sectors and increase their global presence.

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Key Players in the Smart Lock Market are ASSA ABLOY AB (Sweden), dormakaba Group (Switzerland), Spectrum Brands, Inc. (US), SALTO Systems, S.L. (Spain), Allegion plc (Ireland), Honeywell International Inc. (US), Dahua Technology Co., Ltd (China), Samsung Electronics Co., Ltd. (South Korea), Vivint, Inc. (US), ZKTECO CO., LTD. (China), igloohome Pte Ltd (Singapore), RemoteLock (US), Onity (US), Master Lock Company LLC. (US), MIWA Lock Co. (Japan), SentriLock (US), Avent Security (China), HavenLock, Inc. (US), Shenzhen Vians Electric Lock Co., Ltd. (China), Anviz Global Inc. (US), CANDY HOUSE, Inc. (US), AMADAS (South Korea), Thekeywe (South Korea), Gate Video Smart Lock (US), and DESSMANN Schliessanlagen GmbH (Germany).

With a roughly 33-34 % in 2021, ASSA Abloy held the top spot in the smart lock market. The business creates, produces, and markets mobile and digital door opening solutions. ASSA (Sweden) and ABLOY (Finland) merged to form the business in 1994. Access control, mechanical and electromechanical locking, identification technology, entrance automation, security doors, hotel security, and mobile access systems are among the company's product offerings. Building information modelling (BIM), shared technologies, and technological platforms are all part of its solution portfolio. ASSA ABLOY Door Security Solutions, an ASSA ABLOY operational entity in North America, represents fifteen brands, Yale being one of them. The company's expanding sales in the smart lock market are being driven by the shifting focus toward digital and mobile security solutions. The business sells a range of smart locks under the Yale brand, including the Yale Smart Home GuideVisa navigation, Yale Real LivingVisa navigation, Yale LinusVisa navigation, Yale nexTouch, WirelessVisa navigation, Yale Multi-Family SolutionsVisa navigation, YH Collection, and others.

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In 2021, dormakaba retained the second-place spot in the market for smart locks, accounting for roughly a 22 to 23 %. Access Solutions AMER, Access Solutions APAC, Access Solutions DACH, Access Solutions EMEA, Key & Wall Solutions, and Others are the company's operating segments. The business operations for access solutions in North and South America are included in the Access Solutions AMER segment. The business operations for access solutions in the Asia Pacific area are included in the Access Solutions APAC section. The business operations for access solutions in Germany, Austria, and Switzerland are included in the Access Solutions DACH sector. The business operations for access solutions throughout Europe, the Middle East, and Africa are the main emphasis of the Access Solutions EMEA sector. Keys, key cutting devices, automobile solutions, acoustic moveable partitions, and horizontal and vertical partitioning systems are all provided under the section of Key & Wall Solutions. Trusted services and contactless identification systems are included in the Others section. With a long history in access solutions and products famous for quality and innovation, dormakaba offers a wide selection of smart lock systems for hotel, residential, and other applications. Their push-pull electronic locks, auxiliary surface-mounting locks, motor locks that meet European standards, and electronic door locks for glass doors are among their next-generation electronic door lock goods.

With an estimated 8 to 9 %, Allegion was third in the smart lock market in 2021. The Americas, the Middle East, India, and Africa (EMEIA), and Asia Pacific are the three geographic divisions through which the corporation conducts business. The Americas business unit offers a range of goods and services, including locks, locksets, portable locks, key systems, door closers, exit devices, doors and door systems, electronic products, access control, and time-and-attendance systems. Along with the same product portfolio as the Americas segment, the EMEIA segment also provides worker productivity and time and attendance management solutions. Along with offering video analytics services, the Asia Pacific region offers the same product line. The company has more than 10,000 channel partners and sells its products in almost 130 countries across the globe. It operates in various geographies through various subsidiaries.

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Last Updated July 15, 2022